Funding arb · Price arb /

MEGA

all MEGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1356%/8h= −148.5% APRpaid last 24h −0.194%

Price spread now: Gate against Lighter−0.508%7-day average −0.271% · you buy dearer than you sell

Net, funding: paid 7d − costs−$496as in the Funding arb table

Net, price: spread back to 7d avg − costs−$490as in the Price arb table

costs, in and out, $10k−$4664.663% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.298%−$30 on $10k

Price spread, last 4 days (all we have)+0.482%+$48 · spread now −0.508%, 7d avg −0.271%

Together, before fees+0.184%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Gate is 0.237% cheaper against Lighter than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of −0.271%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.298% in total (about -15.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MEGA	0.04527	0.1456	pay 0.0182% / 1h	52m 14s	$637K	$319K	3x
Short	Gate MEGA_USDT	0.04504	0.0100	get 0.0050% / 4h	52m 14s	$193K	$309K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee GatebpOrdersPrice spread, now −0.508%Rate

Funding earned: −$284.76
Price spread: −0.508% → −0.271%: −$23.72
Slippage, 4 orders: −$451.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$774.79
Costs to cover: 4.663%
Break-even: never at this rate

Slippage from Lighter: live order book, 18 min ago; Gate: live order book, 20 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 18 min ago	31.08 bp	108.1 bp −$108	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 20 min ago	8.93 bp	142.8 bp −$143	doesn't fit	doesn't fit	doesn't fit

MEGA on 28 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) MEGA/USD	L −0.0018% / S +0.0023%	1h	0.04505	−0.482%	$12K	—	150x	as long as short
Orderly PERP_MEGA_USDC	+0.0099%	4h	0.04504	−0.508%	$3K	$2K	10x	as long as short
Aster MEGAUSDT	+0.0100%	4h	0.04507	−0.446%	$18K	$82K	5x	as long as short
Pacifica MEGA	+0.0100%	1h	0.04510	−0.376%	$14K	$8K	3x	as long as short
Binance MEGAUSDT	+0.0100%	4h	0.04508	−0.421%	$3.9M	$12.9M	50x	as long as short
Bybit MEGAUSDT	+0.0100%	4h	0.04506	−0.464%	$3.5M	$4.9M	20x	as long as short
OKX MEGA-USDT-SWAP	+0.0100%	4h	0.04505	−0.486%	$917K	$2.9M	20x	as long as short
Bulk MEGA-USD	+0.0100%	1h	0.04500	−0.596%	$133K	$5K	10x	as long as short
Gate MEGA_USDTshort	+0.0100%	4h	0.04504	−0.508%	$193K	$309K	20x
MEXC MEGA_USDT	+0.0100%	4h	0.04506	−0.464%	$773K	$348K	50x	as long as short

Show all 28 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin MEGAUSDTM	+0.0100%	4h	0.04510	−0.376%	$237K	$113K	50x	as long as short
Bitget MEGAUSDT	+0.0100%	4h	0.04511	−0.353%	$1.1M	$1.4M	50x	as long as short
BingX MEGA-USDT	+0.0100%	4h	0.04508	−0.420%	—	$1.7M	—	as long as short
Variational Omni MEGA	+0.0100%	4h	0.04507	−0.444%	$226K	$133K	—	as long as short
GRVT MEGA_USDT_Perp	+0.0100%	4h	0.04512	−0.331%	$27K	$1.7M	10x	as long as short
ApeX Omni MEGAUSDT	+0.0100%	1h	0.04508	−0.420%	$25K	$230K	50x	as long as short
SunX MEGA-USDT	+0.0100%	4h	0.04509	−0.398%	$1K	$1.9M	10x	as long as short
Extended MEGA-USD	+0.0104%	1h	0.04507	−0.439%	$128K	$613K	5x	as long as short
Nado MEGA-PERP	+0.0111%	1h	0.04509	−0.409%	$195K	$136K	2x	as long as short
BloFin MEGA-USDT	+0.0142%	4h	0.04505	−0.486%	$195K	$77K	50x	as long as short
Reya MEGARUSDPERP	+0.0159%	1h	0.04507	−0.433%	$3	—	3x	as long as short
GMX MEGA/USD [ETH-USDC]	L +0.0236% / S −0.5353%	1h	0.04505	−0.495%	$3K	—	45x	as long as short
Coinbase International MEGA-PERP-INTX	+0.0296%	1h	0.04490	−0.808%	$5K	$12K	50x	as long as short
Phoenix MEGA	+0.0355%	1h	0.04509	−0.398%	$21K	$7K	5x	as long as short
Hyperliquid MEGA	+0.0775%	1h	0.04516	−0.252%	$7.7M	$2.3M	3x	as long as short
Backpack MEGA_USDC_PERP	+0.0813%	1h	0.04510	−0.376%	$18K	$41K	5x	as long as short
Deribit MEGA_USDC-PERPETUAL	+0.1437%	1h	0.04513	−0.309%	$109	$15	25x	as long as short
Lighter MEGAlong	+0.1456%	1h	0.04527	long leg	$637K	$319K	3x